The trucking company has until the end of July to complete a deal
Overland Park,KN,USA -The Dayton Business Journal -April 23, 2011: -- YRC Worldwide Inc. said it is making progress in negotiations as an April 29 deadline to finalize a deal to restructure its finances and avoid bankruptcy nears... With the deadline coming next week for YRC, the trucking company said in a news release Friday that it has made "significant progress" in its efforts to restructure its finances although there were few details... YRC warned investors last month it may seek bankruptcy protection after missing a key milestone in its restructuring efforts... In Friday's news release, John Lamar, YRC’s chief restructuring officer, said the company has been working with its secured lenders, pension funds and the negotiating arm of the International Brotherhood of Teamsters on a deal, reached "in principle" in February, that would inject new capital and reduce the company's existing debt...
* YRC Worldwide Reaches Restructuring Agreement
Overland Park, KN,USA -The Journal of Commerce Online, by William B. Cassidy -Apr 30, 2011: ... New debt restructuring agreements YRC Worldwide reached with lenders and pension funds will allow the carrier to meet a key deadline in its bid to avoid bankruptcy... The company announced late Friday more than 95 percent of its lenders approved the restructuring plans, along with all of its multi-employer pension funds... The agreement includes an exchange offer that will give the company’s lenders approximately 72.5 percent of the carrier’s common stock after the restructuring is complete... The company’s existing shareholders would retain approximately 2.5 percent of the company’s outstanding common stock, subject to further dilution by a management incentive plan and the conversion of certain new securities, the company said... The agreements signed Friday also anticipate $100 million in new capital through additional stock sales, and increased liquidity from a new asset-based loan facility. The restructuring agreements are scheduled to be in place by July 22... The agreements cleared a potential obstacle to financial restructuring at the nation’s largest pure trucking operator, which has lost more than $2.5 billion since 2006... Teamster multi-employer pension plans in March said they wanted a higher interest rate on deferred pension obligations owed by YRC Worldwide...* Carriers going without brokers
New York,NY,USA -Fleet Owner, by Wendy Leavitt -Apr 25, 2011: -- According to several recent studies, carriers are reducing their reliance on brokers to fill their trucks as freight demand continues to exceed trucking capacity... In its First Quarter Business Expectations Survey, Transport Capital Partners, LLC (TCP) reported that 87% of the carriers polled said they have used broker services less during the past three months, with 40% noting that broker freight services account for less than 5% of their revenues and another 35% of respondents adding that only 6% to 15% of their revenues come from brokers... Other surveys note that the profit margins for brokers are also in decline as capacity continues to be in short supply... As an indicator of truckload demand and capacity on the spot market, load-to-truck ratios on TransCore’s DAT network increased to an average of 5.5 loads per available truck listed in 2010, up from just 1.8 loads per truck in 2009. This was due primarily to a year-on-year increase of 133% in truckload freight availability, coupled with a 27% decline in capacity, the firm said...
* EZE Trucking Acquires Patterson Motor Freight
Rialto,CA,USA -The Journal of Commerce Online, by William B. Cassidy -May 2, 2011: -- Heavy haulers to merge, expanding EZE's capacity, reach in Western U.S... Transportation acquisition activity reached the heavy haul trucking industry with EZE Trucking's purchase of Bakersfield, Calif.-based Patterson Motor Freight... Terms of the deal were not disclosed... The combined companies will operate in five states. A logistics operation will broker freight throughout the U.S. and across the border into Canada and Mexico... (Photo from ezetrucking: Heavy haul oversize)* Canada - TransForce takes over domestic operations of DHL Express Canada
Montreal,QUE,Canada -Truck News -29 April 2011: -- TransForce and DHL Express Canada have announced a 10-year strategic alliance that will see the two companies integrate their domestic and international shipping and logistics offerings... TransForce will purchase the assets of DHL Express Canada's domestic business and will take over its domestic operations through Loomis Express, a newly formed subsidiary of TransForce, the companies announced... DHL Express Canada will focus exclusively on the Canadian international shipping segment. Under the agreement, the companies claim Loomis Express and DHL Express Canada will offer Canadian businesses a fully integrated international and domestic suite of shipping and logistics services... (Photo from hankstruckpicture: A Transforce Ganeca Peterbilt 387 that came down from Canada)* Canada - Titanium Trucking Services buys Flex-Mor Industries
Oakville,ONT,CAN -Truck News -4 Mat 2011: -- Spara Capital Partners, an Oakville-based investment and merchant banking firm, has announced the acquisition of carrier Flex-Mor Industries by Woodbridge-based trucking company Titanium Trucking Services... Acting on behalf of Titanium, an asset-based trucking company with a freight brokering division, Spara was charged with finding a suitable acquisition to complement Titanium's growth strategy. The Flex-Mor transaction will expand Titanium's fleet to more than 90 trucks and more than 400 trailers with larger service capability...* Canada - Mullen Group to acquire Hi-Way 9
Okotoks,Alberta,Canada -Truck News -4 May 2011: -- Mullen Group has announced it has entered into an agreement to acquire Drumheller, Alta.-based LTL carrier Hi-Way 9 and its subsidiaries... The deal includes Hi-Way 9 Express, Load-Way, Streamline Logistics and 1006213 Alberta Ltd... Hi-Way 9 is a privately held, family-owned LTL carrier that's been in business since 1969 and is a fixture on the Alberta trucking landscape...
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